JPMorgan upgraded Upstart (UPST) to Neutral from Underweight with a price target of $79, up from $57. The company’s Q4 results and 2025 outlook solidly beat guidance and Street estimates, as origination volume and adjusted EBITDA margins “snap-backed” to the highest levels since 2022, primarily driven by improving conversion rates and funding availability, the analyst tells investors in a research note. The firm sees Upstart’s model improvements as a “force multiplier” that has the potential to boost conversions and transaction volume, and unlock operating leverage.
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